Opinions

A Dash For Higher USD

Dash saw an unusual rise in the USD price yesterday.

The “masternodes” run currency closed at a high of $168.52 which was an odd one because the currency was averaging around the $154 line, breaching it only once in the past week. As of now, the currency is maintaining the short bullish run.

Tether Chart
Source: CoinMarketCap

The ‘buzz’ could be attributed to two instances.

One, that most of the Dash trading volume came from a Tether enabled market. Tether, like Dash, saw an unusual fall in its USD price and fell to 94 cents just as Dash was gaining USD. The 1:1 ratio of the stablecoin was breached once again.

This may have caused investors to move for shadows into Dash’s haven. the Top 10 all saw a surge in price except Tether, which fell badly. This may have been caused by a back-out from tether investment circle to more promising currencies.

The Top 10
Source: CoinMarketCap

Second, Dash had inaugurated an SMS-based wallet in Venezuela. The crypto dependent country is influenced alot by cryptocurrency as the economic instability is forcing people to move into new financial measures instead of bolivars that keep shedding value.

According to a report, ‘Venezuelans continue to demand mobile devices with internet access to stay connected to the news and social media, which have been supplying the information denied to them due to the blackout promoted by the government.’

But Dash has changed all this. It has eliminated the need for a smart phone to gain access to a wallet. The sms based service allows users to send and receive money in the form of Dash tokens through sms. The future is now.

‘With Dash Text there is no missing mobile data, considering that many places in Venezuela there is no data signal this is an unprecedented solution. You can use Dash, manage your wallet and make transactions by sending SMS, at no additional cost.’ dashtext.io

Considering the 47% people who don’t have access to internet, this step has been widely appreciated across Venezuela and might have been the cause for the ‘jump’ in the USD price.

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Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Email: sarim@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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